Least likely bank to fail?

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My credit union was very aggressive in expanding into the Hispanic market and trying to make homeownership opportunities. Since we got married and the hubs chose finances as one of his household responsibilities, I only have a small cash account there. They have an ATM at my work place, so when I need weekend fun money, it's easy to get to. If that ATM wasn't there, I'd close out the account.



It's not part of the Fed, <a href="http://www.ncua.gov/">but the NCUA is a part of the federal government</a>, so I think they would have access to Benny and the Ink Jets.
 
[quote author="EvaLSeraphim" date=1216245470]My credit union was very aggressive in expanding into the Hispanic market and trying to make homeownership opportunities. Since we got married and the hubs chose finances as one of his household responsibilities, I only have a small cash account there. They have an ATM at my work place, so when I need weekend fun money, it's easy to get to. If that ATM wasn't there, I'd close out the account.



It's not part of the Fed, <a href="http://www.ncua.gov/">but the NCUA is a part of the federal government</a>, so I think they would have access to Benny and the Ink Jets.</blockquote>


Sorry, my bad. Well, that certainly changes things, doesn't it? Thanks, Eva.
 
[quote author="awgee" date=1216247875]Well, that certainly changes things, doesn't it?</blockquote>


Not really. After bailing out pension funds, Fannie & Freddie, Bear Stearns, so on, and so on, and so on, people are going to get fatigued holding our debt and/or we will be a reprise of Zimbabwe. Won't that be fun? :P
 
I feel pretty confident with my money at OCTFCU. Of course, I'd never want to have more than $100,000 in any one bank though. Back in 2004 when I bought my current house (I know, but it was with the equity from another house), the credit union was extremely conservative regarding the purchase price. The house had 3 full price offers on it and the comps supported the price but OCTFCU valued it $65,000 less than the purchase price. The point is this: they have not been reckless, they haven't done any subprime or even Alt-A loans. They are actually expanding the bank into other counties (now called "Schools First"). I think they are pretty sound at this point.
 
[quote author="Astute Observer" date=1216264174]I always thought the Ancient Chinese Secret is to put money into mistresses.</blockquote>


Concubines is a much more "respectable title" but sad. Mistresses hide in the dark and perform a service in exchange usually $$ or for some affection while concubines perform services with no $$$ and also serve the main wife and the tyrant mother-inlaw.
 
I'm moving my escrow account to Mellon. Yeah, they have dope dealer

issues, and some exposure to cre, but they are so huge and are mostly

not in regular banking, that I think they will survive.



The suggestion to chose the lowest interest rate is aa good one.



Except money lost to inflation is real money, just as if you went over 100k

with FDIC.



And since FDIC doesn't have that much money the printing presses will

be turned on.



I think that it wouldn't be a bad thing to have 6 month's worth of canned

goods hanging around your house. They will make more money than a

lousy percent or 2, given how high I see inflation going.
 
[quote author="bkshopr" date=1216264882][quote author="Astute Observer" date=1216264174]I always thought the Ancient Chinese Secret is to put money into mistresses.</blockquote>


Concubines is a much more "respectable title" but sad. Mistresses hide in the dark and perform a service in exchange usually $$ or for some affection while concubines perform services with no $$$ and also serve the main wife and the tyrant mother-inlaw.</blockquote>


You mean the Chinese were traditional Mormons (not to be confused with modern Mormons)? :smirk:
 
concuband is a great concept and well suited for OC. women may think having concubands is a prestigious position for them to be in... but the reality will be men using the system as a way of distributing the costs of maintaining a Newport Nancy, Ritalin Rugrats, and a Santa Ana Nanny.
 
I actually had a bank call me yesterday and told me that they noticed I moved money out of their bank.

They wanted to know if I was moving it to another bank and they told me they would match

their interest rate. This is a first for me.



Last year I asked the same bank if they would match an interest rate and they basically laughed at me.



So, for anyone opening a CD - ask the branch manager if they will match a competitor's interest rate.

All they can do is say "no." It's worth a shot.
 
[quote author="Astute Observer" date=1216645302]When I was trying to withdrawn my CD from IndyMac a few months ago, the manager also offered me matching rate. I got lazy, and let my money stayed and see what the mess it is now?!?!. Just saying...</blockquote>
My money was at a bank that isn't on the watch list.
 
[quote author="Astute Observer" date=1216333636][quote author="EvaLSeraphim" date=1216287575][quote author="bkshopr" date=1216264882][quote author="Astute Observer" date=1216264174]I always thought the Ancient Chinese Secret is to put money into mistresses.</blockquote>


Concubines is a much more "respectable title" but sad. Mistresses hide in the dark and perform a service in exchange usually $$ or for some affection while concubines perform services with no $$$ and also serve the main wife and the tyrant mother-inlaw.</blockquote>


You mean the Chinese were traditional Mormons (not to be confused with modern Mormons)? :smirk:</blockquote>


In some Hindu and Muslim cultures, they have multiple wives, so they are the traditional/fundamental Mormons too? It is more of a social-economic structure than religion. If any woman want to take me as a "concuband," I will have no problem with sharing the various "duties" among other men.</blockquote>


3-somes, 4-somes duties? or simply you take out the brown trash, Joe takes out the green trash and John takes out the grey recycle trash?
 
Union Bank released their numbers today. Now, I have not had a chance to look at the 10Q, <a href="http://www.housingwire.com/2008/07/21/unionbancal-dances-with-wall-street-analysts/">but here is what Paul at HousingWire said today</a>.



<em>Looking at the numbers, second-quarter profit at UnionBanCal declined 15 percent to $141.3 million, or $1.02 per diluted common share; this compared with $165.4 million, or $1.19 per diluted common share, a year earlier, and $108.6 million, or $0.79 per diluted common share, one quarter earlier.



The bank counted $14.2 billion in residential mortgages and $2.5 billion in construction loans among its $58 billion in total assets at the end of the second quarter.



<strong>Non-performing assets jumped by more than seven-fold from year-ago levels, reaching $225 million ? and that Q2 NPA total also represented a 70.4 percent jump in NPAs from the first quarter alone. For those keeping score at home, that?s a pretty sudden and steep trajectory.</strong>



Against this total, in second quarter 2008, UnionBanCal?s total provision for credit losses was $100 million, up 25 percent from one quarter earlier. Loan loss reserves reached $527 million, net of charge-offs, as a result. Net loans charged-off for second quarter 2008 reached $31 million, or 0.28 percent of average total loans; compared to first quarter activity, charge-off velocity increased 158 percent within one quarter.



In other words, credit quality is clearly going to eat into the bank?s reserves as more loans continue to go south. But, to be fair, UnionBanCal isn?t expected to have to raise capital, either, given the existing cushion of reserves in place.



Investors clearly took heart in the better-than-expected results ? but it was the bank?s suggestion that things will actually look better than expected when third quarter results are released that truly captured attention. From a California-based bank, too, no less.



UnionBanCal said it expects to record lower loss provision charges in the third quarter, between $65 and $85 million, meaning that earnings from continuing operations would be between $1.10 and $1.20 per share in the third quarter ? the entire range would beat current analyst expectations, according to a Reuters report, which had pegged Q3 earnings at the bank at $1.01 for the upcoming quarter.</em>



I am not saying they are doomed to fail with this news, but the numbers were not pretty and the bad numbers are increasing at an extremely high rate. The fact that the CEO thinks they will do better in Q3 and Q4 reminds me of those conference calls with the Tan Man saying how well positioned CW was. Sorry, but the increases in NPAs will increase in Q3 and Q4 and they will require more reserves that eat into their assets. I don't like clueless CEOs that should know what they are saying is a lie, but I do like to profit from it... :coolhmm:
 
[quote author="Astute Observer" date=1216693401]You are making me uncomfortable here.... Ummm... Let's talk finance here.... I am going to S&M;bankand open an account there later this week.</blockquote>


Do you mean F&M;bank? Farmer Manufacture Bank? Just a typo error?
 
[quote author="Nude" date=1216719002]The penalty for early withdrawal from the S&M;Bank is why I bank there. :coolhmm:</blockquote>


I have a cramp from laughing so hard and I spilled Ramen on my lap.
 
[quote author="Nude" date=1216719002]The penalty for early withdrawal from the S&M;Bank is why I bank there. :coolhmm:</blockquote>


At least you don't have to worry about them having garbage loans on their books. I have heard that their loan underwriting standards are long and painful...
 
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